PALO ALTO, CA - Essex Property Trust, Inc. (NYSE: ESS), a fully integrated Real Estate Investment Trust (REIT) that invests in apartment communities located in highly desirable, supply-constrained markets, announced today that the Company has entered into a venture to acquire Essex Skyline at MacArthur Place, a 349-unit high rise condominium project in Santa Ana, California for $128 million.
The community consists of two adjacent 25-story towers with floor to ceiling windows and sizeable floor plans. Each unit features Viking appliances, hardwood and tile floors, nine to eleven foot ceilings and select units offer expansive views of Orange County. Property amenities include a gym and sauna, lap pool, yoga room, temperature controlled wine locker and presentation kitchen, bocce ball court, putting green, entertainment room and on-site concierge service. Essex Skyline at MacArthur Place is conveniently located in the South Coast Metro Area of Orange County close to John Wayne airport and multiple freeways, offering easy access to commute corridors. In addition it is nearby to a variety of world-class shopping, entertainment and fine dining.
Keith Guericke, President and Chief Executive Officer of Essex Property Trust, stated, "Essex Skyline at MacArthur Place is a luxury community located in the heart of California's Orange County, known for its beaches, weather, and exceptional quality of life. We believe that rents in Orange County will recover faster than other areas given its improving employment outlook and limited supply of competing housing." Mr. Guericke continued, "We acquired the property from the construction lender at approximately 55% of its initial construction cost, affording us the opportunity to own a well-located, upscale community that has tremendous appreciation potential when the rental market recovers and also provides attractive options when the for-sale condo market improves."
The Company purchased Essex Skyline at MacArthur Place in a joint venture. Each owner will hold an approximate fifty percent economic interest in the property and its operations. Essex will receive fees and may earn a promoted interest for the acquisition, management and sale of the community.
For more information about Essex Skyline at MacArthur Place, please visit the community online at www.SkylineOCApts.com.
Essex Property Trust, Inc., located in Palo Alto, California and traded on the New York Stock Exchange (ESS), is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 133 apartment communities (27,221 units), and has 930 units in various stages of development.
Source: Essex Property Trust, Inc